Tranz Rail probe 'alive'

The prospect of a formal inquiry into claims of threats around the Tranz Rail insider-trading case remains alive, and more detail of the allegations could be revealed in Parliament.

Prime Minister Helen Clark yesterday refused to rule out stripping Sir Michael Fay of his knighthood. And Labour MP Shane Jones told Parliament that "malevolent, menacing forces" had tried to obstruct the Securities Commission investigation.

A company owned by Sir Michael and David Richwhite last week agreed to pay $20 million to settle with the commission.